XML 31 R19.htm IDEA: XBRL DOCUMENT v3.23.2
OTHER ASSETS
 9 Months Ended
Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS

NOTE 12 – OTHER ASSETS 

 

On November 13, 2020, Cemtrex made a $500,000 investment and on January 19, 2022, made an additional $500,000 investment via a simple agreement for future equity (“SAFE”) in MasterpieceVR. The SAFE provides that the Company will automatically receive shares of the entity based on the conversion rate of future equity rounds up to a valuation cap, as defined. MasterpieceVR is a software company that is developing software for content creation using virtual reality. The investment is included in other assets in the accompanying balance sheet and the Company accounts for this investment and recorded at cost. No impairment has been recorded for the three and nine months ended June 30, 2023.

 

Other assets consist of the following:

 

   June 30, 2023   September 30, 2022 
Rental deposits  $251,739   $204,388 
Investment in Masterpiece VR   1,000,000    1,000,000 
Other deposits   64,626    24,467 
Demonstration equipment supplied to resellers   330,038    170,890 
Other assets total  $1,646,403   $1,399,745